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Wave analysis

30.09.201607:56 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 30 - 2016

Long-term review

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Wave summary:

The correction in wave [ii] could be complete with the test of 114.13 and the next impulsive decline closer to the ideal downside target at 104.15 could be developing. To indicate that wave [iii] lower has taken over a break below support at 113.03 should be seen. A break below support at 113.03 will call for a decline to 109.49 on the way lower to 104.15 to complete the long term corrective decline from 149.56.

Trading recommendation:

We are short EUR from 112.85 with stop placed at 115.45 upon a break below 113.00 we will move the stop lower to 114.25. If you are not short EUR yet, then sell a break below 113.03 and use the same stop at 114.25.

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